Think about it!

Let's take consumer A and consumer B

Consumer A saves. He has a 401k, some of which is invested in a bank. He avoids debt. If the banks make less money, his stock prices won't go up, which means he'll spend less and work longer.

Consumer B does not save. As such, he pays 20% more than sticker price for items, because he has to pay interest on consumer debt. Sure, give him a cheaper card, and he'll be able to buy perhaps 10% more crap, but will it really offset the lack of consumption of responsible consumers with battered 401ks?

Consider the double lie of the average credit card debt:

1. it does not include people without any credit card debt! it only includes people that have debt. if you added in all the people with "0" to the average, that number would be a lot lower.

2. average != typical. it's best explained by the joke about the room of statisticians who cheer when Bill Gates enters the room (because their average wealth just soared!). There's a sad group of individuals with 40k, 50k, you know, absolutly insane credit credit card debts. They are making the average higher. The credit card companies want you to think that "everybody does it, why don't you?"

Truth be told, the banks need to keep raping the jackass who can't keep their plastic in their pants, so that they can keep making mortgages. If we reduce the profits of banks, we'll increase deflation, which is exactly what the economy does not need right now.